Make The Move: From Renting To Owning

By
Real Estate Agent with United Real Estate TX #0552717

With monthly rent payments on the rise, you may think you just have to pay the increase, or move to a less expensive place. But here are a few things to consider before you sign another rental agreement. If you're letting misconceptions about buying a home keep you locked into renting, ignore these myths and focus on the facts.

Myth:
You need a 20% down payment to qualify for any mortgage loan product.

Fact:
-With a Fannie Mae HomeReady loan, the minimum is 3% down (for qualifying borrowers)
-With a FHA loan, the minimum down payment is 3.5% (for qualifying borrowers)
-With USDA and VA loans, you can get 100% financing (no money down) (for properties an/or borrowers who qualify).
-With a conventional loan, you may qualify for as little as a 3% down payment.

Myth:
It's not worth it if you plan to move after a few years.

Fact:
It only takes a few years to build equity and only a few years as a homeowner may be more beneficial than renting for the same period of time.

Myth:
You need great credit to get approved for a loan.

Fact:
In some cases, borrowers may be eligible for loan approval without a great credit score.

There are lots of factors involved in mortgage loan approval. Credit score is only one factor. So talk to a mortgage lender and get the FACTS as they apply to you.

If you'd like a referral to some great lenders, please ask me and I'll be happy to share some names and numbers. 

Posted by

Lorrie Semler, REALTOR
United Real Estate Dallas

Serving your residential real estate needs in Dallas, TX and all the surrounding suburbs


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Comments (3)

Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Lorrie,
Happy Sunday!  Right on. There ARE lots of factors involved. The only way to find out is to consult a great lender to get the facts based on the individual circumstances.

May 15, 2022 09:54 AM
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Hello Lorrie Semler, REALTOR® in the Dallas area. Call/text 972-416-3417 very good helpful report about make the move from renting to owning.

May 15, 2022 12:12 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information.

 

Buyers and sellers in your area will benefit from your expertise. Wishing you continued success.  Have a wonderful day and sell a house.  bill

 

May 15, 2022 01:48 PM